Pre-Market Report – Tuesday 23 July: US Tech Rallies Before Results - SPI up 55

US equities rallied overnight, rebounding from their worst weekly performance since April. The Dow halted a two-day skid, rising 128 points (0.32%). Up 185 points at best. Down 65 points at worst. The S&P 500 and NASDAQ rose 1.08% and 1.58%, respectively, led by gains in the “Magnificent Seven”. Russell 2000 advanced 1.66%, and Wall Street's fear index, VIX, plummeted 9.75%. S&P 500 Tech sector gained 1.78%, topping sectoral gainers and breaking its four-day losing streak. Alphabet (+2.2%) is expected to report a ~14% rise in quarterly revenue, marking its fourth consecutive double-digit growth. Telsa jumped 5.1% despite reports that their Q2 margins are expected to hit a more than five-year low. US treasuries were muted. 10Y and 2Y yields inched higher 1.2bps and 0.4bps. USD Index eased 0.10% in quiet trade as the market digested US President Joe Biden’s decision to end his re-election.ASX  to rally at open. SPI Futures up 55 points (+0.70%). COMMODITIESOil drops as investors look past Biden exit, focus on weak fundamentals.Gold slips to over 1-week low as dollar firms, investors await more Fed cues.Iron ore edges lower as investors digest mixed signals from China.Aluminium slips to nearly four-month low on demand concerns.Oil market likely to be in surplus next year, Morgan Stanley says.US senators introduce bill to speed approvals of energy projects.Saudi Arabia's growth this year marred by lower for longer oil output.Why not sign up for a free trial? Get access to expert market insights and manage your investments with confidence. Ready to invest in yourself? Join the Marcus Today community.